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Friday, 8 May 2015

SMALL BUSINESS MANAGEMENT (HOW TO CONDUCT MARKET RESEARCH)



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QUESTION:
How do entrepreneurs or business owners  conduct market research?

ANSWER:
The entrepreneur can embark on the market research himself or engage an external management consultant or independent marketing research organization. Irrespective of who does the research, some systematic procedures must followed thus:

i.             Definition of the Research Problem
The objective of the research problems should be precisely stated.  What information do I need generally about the consumer, market and the product? What is the research going to achieve? Which specific problems will the research assist in solving? These few questions will help the researcher to have a clear idea of what he is set to achieve.  In some instances, these questions may be asked to determine whether a problem exists despite the increase in sales being recorded.

ii.           Decide on the practicability of solving the problem
This step necessitates close study of the significance of the problem.  A preliminary investigation of available materials bearing upon its solution and discussions among members of the research staff company officials.  Customers and other persons in whom the entrepreneur has confidence.  Once this job is completed, judgment can be made as to the solvability of the problems and the costs involved.

iii.         Review and appraise secondary materials available
If the preliminary investigation referred to above results in a decision to go ahead with the project, the next logical step is to assemble, analyze and appraise all-important available information on the particular subject.

iv.          Planning the gathering of primary materials
If a review of available materials reveals that it is inadequate for the purposes intended, a plan should be drawn up for securing data from primary sources. 

v.            Deciding on the sample
No step in planning a survey is more important than deciding upon the sample to be employed; that is, the number and kinds of people or the forms to be covered.  As practical matter, the repetitiveness of the sample determines the validity of the conclusions and thus the value of the entire investigation.

vi.          Actual Gathering of The Materials
This step refers to the method and devices employed to obtain the data desired.  Broadly speaking, it involves decisions on the procedures to be followed, the form of investigation to be used; that is, for example mailed questionnaire or personal interviews or others.

vii.        Summarizing and analyzing data
When the information has been collected, it should be summarized and analyzed.  First of all, the forms upon which the information is recorded should be edited to make sure that only those filled out properly are used.  When editing has been completed, the data should be viewed to determine their adequacy and statistical validity.  Provided that these tests are passed, usually the next step is tabulation.  If the forms are properly coded when the investigation is planned, this task is relatively simple.  Once the information is tabulated, a careful analysis of it will usually lead to the preparation of certain statically summaries, such as averages, frequencies and corrections of various types.  

viii.       Interpreting data and formulating recommendations
It is in connection with the interpretation of the information and the formulation of recommendations that the real ability of the marketing research mean is tested.  All recommendations should be subjected to careful scrutiny and reappraisal before they are released.  Only supportable conclusions, well founded in facts, are acceptable.

ix.          Preparing the research report
Marketing investigations typically culminate in a report which is presented to the executives and which often recommends specific courses of actions.  This report should present clearly the results of the investigation and demonstrate conclusively the soundness of the recommendations. To conserve top management’s time, many successful research men make good use of a brief summary of their recommendations as well as important facts and relationships revealed by the study.

x.            The follow-up
The market research director or the individual responsible for the recommendations should be fully prepared to support his findings and recommendation and do what he can to bring about their adoption (Osuala, 1998:138-140).

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